“As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure […]
The Pender Corporate Bond Fund returned 0.8% in May, delivering steady progression amidst a somewhat turbulent market picture. Strong performers for the Fund in May included our position in debt units of Gran Colombia Gold, […]
The Pender Corporate Bond Fund returned 0.6% in April, a reasonably good result given the continuing upward bias of the trend in interest rates. Strong performers for the Fund in April included our position in […]
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
The Pender Corporate Bond Fund returned 1.2% in March, a good result within difficult market conditions. Strong performers for the Fund in March included our position in convertible notes of Amyris, which rallied more than […]
“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
The Pender Corporate Bond Fund returned 2.2% in January, a very strong result which was aided by a few key catalyst events that allowed us to overcome somewhat difficult credit market conditions. Strong performers for […]
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
The Pender Corporate Bond Fund returned 0.5% in December and 7.8% for 2017. While there are always a few missed opportunities, we are generally pleased with how the year turned out. The Fund enjoyed another […]
“You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]
The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.
The Pender Corporate Bond Fund returned 0.6% in October, a fairly good result consistent with the Fund’s more cautious recent positioning. The monthly return was approximately equal to coupons received with a small portion of […]
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
The Pender Corporate Bond Fund returned 0.8% in September, a decent result given that the bond market showed broad-based weakness. The Fund’s short duration and positioning in discounted credits allowed us to make money in […]
Manager’s Quarterly Commentary – Felix Narhi
Written by Felix Narhi on .
“As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure […]
Pender Corporate Bond Fund – Manager’s Commentary – May 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.8% in May, delivering steady progression amidst a somewhat turbulent market picture. Strong performers for the Fund in May included our position in debt units of Gran Colombia Gold, […]
Manager’s Commentary – Geoff Castle – April 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.6% in April, a reasonably good result given the continuing upward bias of the trend in interest rates. Strong performers for the Fund in April included our position in […]
Manager’s Quarterly Commentary – David Barr – Q1 2018
Written by David Barr on .
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
Manager’s Commentary – Geoff Castle – March 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 1.2% in March, a good result within difficult market conditions. Strong performers for the Fund in March included our position in convertible notes of Amyris, which rallied more than […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2017
Written by Felix Narhi on .
“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]
Manager’s Commentary – Geoff Castle – February 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
Manager’s Commentary – Geoff Castle – January 2018
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 2.2% in January, a very strong result which was aided by a few key catalyst events that allowed us to overcome somewhat difficult credit market conditions. Strong performers for […]
Manager’s Quarterly Commentary – David Barr – Q4 2017
Written by David Barr on .
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
Manager’s Commentary – Geoff Castle – December 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.5% in December and 7.8% for 2017. While there are always a few missed opportunities, we are generally pleased with how the year turned out. The Fund enjoyed another […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2017
Written by Felix Narhi on .
“You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]
Manager’s Commentary – Geoff Castle – November 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.
Manager’s Commentary – Geoff Castle – October 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.6% in October, a fairly good result consistent with the Fund’s more cautious recent positioning. The monthly return was approximately equal to coupons received with a small portion of […]
Manager’s Quarterly Commentary – David Barr – Q3 2017
Written by David Barr on .
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
Manager’s Commentary – Geoff Castle – September 2017
Written by Geoff Castle on .
The Pender Corporate Bond Fund returned 0.8% in September, a decent result given that the bond market showed broad-based weakness. The Fund’s short duration and positioning in discounted credits allowed us to make money in […]